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Question

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Part 1
A family buys a studio apartment for $ 140 comma 000. They pay a down payment of $ 28 comma 000.
a. Their down payment is what percent of the purchase​ price?
b. What percent of the purchase price would anothing ​$7 comma 000 down payment​ be?
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Part 1
a. The down payment is
  
enter your response here​% of the purchase price.
​(Type a whole​ number.)

Answer 1

To calculate the percentage of the down payment relative to the purchase price, you can use the following formula:

\[ \text{Percentage} = \left( \frac{\text{Down Payment}}{\text{Purchase Price}} \right) \times 100 \]

a. Calculate the percentage of the down payment of $28,000 from the purchase price of $140,000:

\[ \text{Percentage} = \left( \frac{28,000}{140,000} \right) \times 100 \]

\[ \text{Percentage} = \left( 0.2 \right) \times 100 = 20% \]

So, the down payment is 20% of the purchase price.

b. Now, calculate the percentage of a $7,000 down payment from the purchase price of $140,000:

\[ \text{Percentage} = \left( \frac{7,000}{140,000} \right) \times 100 \]

\[ \text{Percentage} = \left( 0.05 \right) \times 100 = 5% \]

So, a $7,000 down payment would be 5% of the purchase price.